Origin Energy's board, led by chairman Gordon Cairns, is re-thinking the way things have traditionally been done at $14.2 billion energy giant Origin Energy.

And the board's re-thinking is believed to have made its way into the world of investment banking, with Origin keen to test market appetite for the plum job as its defence adviser.

Macquarie Capital has long been first call at Origin. Macquarie had strong links into a handful of Origin directors and senior executives and it was seen as one of the strongest institutional relationships in corporate Australia.

The board is believed to be keen to test that relationship - or at least keep Macquarie on its toes.

It is understood Origin has recently run a process to hire strategic advisers, calling in an array of close-ish investment banks to pitch ideas.

Advertisement

Related Quotes

In investment banking land, the up-for-grabs gig is the sort of mandate that covers everything from defence work should a suitor come knocking, to developing and implementing bigger strategic moves such as spin-offs, demergers, asset sales or acquisitions. It is the job that has seen Macquarie handle huge rights issues for the gas and electricity company, and run asset sale processes.

It remains to be seen whether Origin is serious about appointing a bank in Macquarie's place - or even alongside Macquarie. It would certainly cause a stir if it were to act.

The testing comes almost five years after Cairns - a former Lion Nathan and PepsiCo executive - took the lead seat at Origin's boardroom table.

Cairns is also a director at Macquarie - and has been in that seat since 2014.

The new fund, Firetrail Absolute Return Fund, is seeking buyers for up to 180 million new shares at $2.10 each to raise as much as $378 million.

The offer was subject to a $73.5 million minimum raising, according to a prospectus lodged with the corporate regulator this week, and if successful the fund would start trading on October 31.

The fund's chairman Deirdre Worth, who was formerly head of Citi's retail banking and wealth management business in Australia, told potential investors it was a market neutral fund that could appeal to investors looking to diversify their investment portfolio.